August revenue in Arkansas fell 1% from July collections, after eight straight months of year-to-year increases.
The Department of Finance and Administration said last week that gross general revenue collections totaled $427.6 million in August, down $9 million from the official forecast and $3.5 million less than in August 2010.
The $862.5 million collected in the first two months of fiscal 2012 are $5.5 million less than the first two months of fiscal 2011.
The total is $9.2 million less than expected.
August’s net available general revenue — which accounts for tax refunds and a number of other statutory expenditures — totaled $373.7 million, more than in August 2010 but $7 million less than predicted.
Net available revenue of $750.7 million in the first two months of fiscal 2012 is $9.3 million below expectations.
General revenues are expected to provide 20% of the state’s $25 billion budget for fiscal 2012.
Sales tax collections fell by 2.6% from August 2010 to $182.9 million. Budget writers had expected an increase of 3.2%. The Department of Finance and Administration said the decline was due to lower activity by businesses rather than retail sales.
Collections for the first two months of the fiscal year total $364.2 million, down $24 million from the forecast.
The individual income tax brought in $192 million. The income tax has generated $385.5 million in the first two months of fiscal 2012, more than $5 million above the forecast.
